Officials of Ayala Corp. assured the investing public that no changes would take place in the 171-year-old corporation with the retirement of the patriarch.
Ayala managing director Renato Marzan said there was nothing unusual about Zobel’s decision to retire, pointing out that the patriarch has been with the company for 49 years, starting as a trainee in the insurance group in 1957.
"After 49 years, he has opted to resign. It’s his prerogative," Marzan said.
Marzan said Zobel will continue to be chair of Mermac, which controls 58 percent of Ayala Corp. The day-to-day operations of Ayala are now being overseen by his two sons, Jaime Augusto and Fernando, both Harvard graduates.
He said the replacement for Zobel’s position would be decided upon by the incoming board.
Last year, Zobel also retired as chairman of the Bank of the Philippine Islands.
The death of the family matriarch, Mercedes Zobel McMicking, last year fueled speculations that there could be a management shakeup in Ayala. Over the past decades, McMicking had set the direction of the company and had a say in who should run the multibillion-peso conglomerate.
Over the years, Zobel held various assignments within the Ayala group, including the chairmanship of Ayala Land, Ayala Life Assurance Co., Bank of the Philippine Islands, BPI Family Savings Bank, BPI International Finance Limited (Hong Kong), FGU Insurance Corp., Globe Telecom, Pure Foods Corp., Universal Reinsurance Corp. and the Ayala Foundation, Inc.
He has served as Ayala’s chairman since 1984. He skillfully steered the company as concurrent chairman, president and CEO during the eventful decade of 1984 to 1994.
The board of directors, noting the very significant contribution that Zobel had made to the success of the company, approved a resolution to endorse to the incoming board of directors in April a proposal to designate him chairman emeritus of Ayala Corp.
Zobel has steered Ayala Corp. away from being mainly a developer of high-rent commercial districts into a highly diversified, technology-oriented conglomerate, catering to the country’s emerging middle class but at the same time maintaining its edge in higher-end property development.
He also served as his country’s ambassador to the Court of Saint James. He has received an award from the Spanish government for his efforts in promoting relations between the Philippines and Spain and his contribution to the arts has been formally recognized by the French government. (END)
His imminent retirement would give Zobel de Ayala more time for an old love — photography. His photos — with their delicate blend of light and shadow — have graced coffeetable books and been featured in company calendars.
When the Philippines celebrated its centennial in 1998, Zobel de Ayala specially designed for Swatch a special Independence Day edition watch.